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The US Securities and Exchange Commission advanced a climate disclosure rule that, if finalized, would require companies to publicly disclose information on climate risk and both direct and indirect emissions. The commission voted 3-1 to advance the proposal, which now moves to a public comment period set to run through at least May 20 before the commission can finalize it. Under the proposal, all public companies would have to include information in public filings on how they govern climate risks; how any risks are likely to impact business or financial statements and strategy; and how climate-related events and transition activities will affect line items on financial statements. Under the proposal, all companies would be required to disclose Scope 1 and 2 greenhouse gas emissions, or those resulting from their own activities and the types of energy they consume. And many firms would be required to disclose Scope 3 emissions — the value-chain emissions coming from the products companies produce. Scope 3 is a particularly challenging set of disclosures for oil and gas companies, and the industry is already pushing back. The "sweeping proposal could require nonmaterial disclosures,” the American Petroleum Institute argued in a statement.

CO2 Emissions, Low-Carbon Policy
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